Janet Simons | 360-880-2356

Managing Broker | ABR, ASR, E-PRO, GRI, CNE | Serving Lewis & Southern Thurston County

Mountain Valley Real Estate

“Shining a Little Light on Real Estate”

  • Home
  • Listings
    • 10239 SW 185th Ave #10, Rochester 98579
    • 144 Godfrey Rd, Mossyrock 98564
  • Lewis County Living
  • Buyers
    • Lewis County Market Statistics
    • Homebuyers Resource Center
    • Financing
    • Washington State Law of Agency
  • Sellers
    • Lewis County Market Statistics
    • Sellers Resource Center
    • Looking to Find Out the Market Value of your Home?
    • Washington State Law of Agency
  • Market Stats
  • About
    • Testimonials
  • Blog
  • Contact
You are here: Home / Real Estate Info / Why Don’t Millennials Trust the Housing Market or Lenders?

Why Don’t Millennials Trust the Housing Market or Lenders?

March 4, 2020 By Janet Simons

Millennials have had a lot of struggles when it comes to the housing market. Those from ages 22-37 fear the housing market, and rightfully so when you consider the time they came into adulthood. Millennials witnessed firsthand the subprime mortgage crisis displaying just how irresponsible bankers had been. So how do we get past this fear and help millennials enter the housing market?

Transparency

The first thing millennials look for is transparency when it comes to the home buying process. According to a recent study by Even Financial. “While 60% of Millennials indicate that they would love nothing more than to trust their bank and share a partnership/friendship relationship, more than a third of those surveyed would describe their current bank as closer to a “used car salesman” or “aggressor” than a friend.” So, what should you do? Be open and honest with millennials, give them a full explanation of what is happening and what steps they need to take for home buying success.

Close the Generation Gap

Previous generations had a much different financial prospect than millennials today. The Economist points out that “When baby boomers hit a median age of 35 in 1990, they owned nearly one-third of American real estate by value. In 2019, the millennial generation, with a median age of 31, owned just 4 percent.” So why is that? Rising costs in home prices, medical costs, income inequality, and ever-present student loan debt means that millennials do not have as much to spare on investing as previous generations. To truly help millennials they don’t need somebody expecting them to follow the same path as their parents and grandparents. It is important to listen and gauge what goals they have otherwise, you’ll end up alienating those you are trying to aid.

TLC

Millennial homebuyers, while hesitant are not entirely opposed to home buying. In fact, according to a recent Realtor.com article millennials are expected to make up 50% of all new mortgages in 2020. So, what does it take to help a millennial enter the real estate market comfortably?

1. Make Them Feel Safe

While obviously nothing is guaranteed explaining how their money is safe in real estate can give them some peace of mind. By going over projected home values in an environment that is comfortable to them you are enabling them to feel more at ease with the process. Be able and willing to collaborate with them. By answering any questions, they have you are making them more comfortable with the home buying process

2. Transparency

Be open and honest with them about what can be expected. Is there a reason this form needs to be filled out? Explain why you are doing things the way you are. Offer as many resources as possible so they can do their own research.

3. Options

Go over what choices they have. Helping millennials weigh the pros and cons. Go over contracts clearly so they understand what choices are available to them. Let them know everything that is available to them. Explain why a fixed rate may be better for them than an adjustable-rate based on their personal situation and preferences.

4. Empowerment

Everybody wants to feel like they have made the best decision for themselves. And the easiest way to empower somebody is to give them knowledge. If you have done all the previous steps then you have most certainly done that. But it doesn’t end there. Give them tips and resources to help new homeowners. What you do after the sale is just as important as what you do before. Especially when word of mouth is so important in real estate.

Millennials have had it rough entering the housing market. We are now in a time where they are going to be more active than ever. 2020 is going to be a great time for millennials to buy a home. While the struggles preventing them are still there the market is changing just enough to help them make homeownership a reality.


Janet 
SimonsI am passionate about Real Estate and eager to answer all of your real estate questions! Text or Call me at 360-880-2356 or email me directly to ask about Buying, Selling or Investing in today's Real Estate Market - serving Lewis County & Thurston County, WA.

Janet Simons | Certified Residential Specialist | Real Estate Broker
Mountain Valley Real Estate


Filed Under: Real Estate Info

Search Current Listings

REVIEWS


Used two other agents who showed our house less than 5 times each in a year. Janet showed it that many times in 2 weeks and was able to bring us an offer in 1 month. Wish we’d found her first!. -Rosann Morgan

See What Others are Saying >>

Subscribe to our mailing list






Full Service Real Estate Broker: Price vs. Value

Can a Full Service Real Estate Broker Make a Difference When it Comes to Your Greatest Investment? What are some of your determining factors when it comes to deciding which Real estate Broker you work with? Is it how much money they charge or is it how much money they can help you save when you […]

What is a Home Inspection?

Buying or Selling a Home? You’re going to want to know what is a home inspection. For most perspective home owners, a home inspection is a safe guard to insure their greatest purchase is sound inside and out! One of the more prevalent misunderstandings about your home inspection is that it’s a PASS or FAIL […]

Contact Info

Janet Simons

Managing Broker

360-880-2356

13068 U.S. Highway 12

Packwood, WA 98361

ibjanetsimons@gmail.com

“Shining a Little Light on Real Estate”

RE Resources

Mountain Valley Real EstateHome
Lewis County Living
What’s Your Home Worth?
Financing
Law of Agency
Contact Janet

Search Listings

© 2016-2021 - All Rights Reserved. Janet Simons, Realtor, Lewis County, Washington.

"Shining a Little Light on Lewis County Real Estate"

MENU
  • Home
  • Listings
    • 10239 SW 185th Ave #10, Rochester 98579
    • 144 Godfrey Rd, Mossyrock 98564
  • Lewis County Living
  • Buyers
    • Lewis County Market Statistics
    • Homebuyers Resource Center
    • Financing
    • Washington State Law of Agency
  • Sellers
    • Lewis County Market Statistics
    • Sellers Resource Center
    • Looking to Find Out the Market Value of your Home?
    • Washington State Law of Agency
  • Market Stats
  • About
    • Testimonials
  • Blog
  • Contact